The company Colliers, which is a leader in the provision of diversified professional services in the field of commercial real estate and investment management, in its new study entitled "Highlights 2022: CEE-6 Real Estate Market" evaluated the development of the real estate market in the Czech Republic and five other middle and of Eastern Europe in 2022. The market was primarily affected by the war in Ukraine, rising construction, operation and transportation costs and pressure to comply with ESG.
The vacancy created by the demolition of a vacant apartment building on the corner of Milady Horákové and Koliště streets in the center of Brno will be filled in two years by an administrative building with a roof garden. The development company Trikaya named the project Landmark and wants to start construction in the first half of this year. This was stated by a representative of the development company for ČTK.
Palác Dunaj to welcome prestigious majority tenants. Zeitgeist Asset Management is behind the rapidly-progressing reconstruction of this iconic constructivist building in the centre of Prague on Národní třída. It has concluded a rental contract for 2,600 sq m of premium space with the European Commission Representation and European Parliament Liaison Office. The new premises will become a hub to obtain up-to-date information on what is happening in the EU, for gatherings to discuss European issues, and to further learning on the European Union. The interactive "Europa experience" centre to the general public will be a new feature, with the aim to bringing Europe closer to citizens in an attractive and engaging way.
Coworking and flexible offices are one of the few industries that have been significantly boosted by the coronavirus pandemic. Although HubHubu, the operator of two shared spaces in Prague, had its occupancy reduced to 50 percent during the strictest closures, this year it is reporting that it is practically occupied. One of the reasons is the hybrid work style, to which a significant part of companies have reoriented. Instead of startups, flexible offices are increasingly being rented by larger companies as well.
After three quarters this year, the Prague office market already exceeded the volume of transactions from the covid years 2020 and 2021. The year-on-year increase in gross and net realized demand, i.e. new contracts and their extensions, amounted to 38 percent. Office vacancy has fallen by 0.3 percentage points since the start of the year to 8.1 percent, and demand for flexible space is growing. Prices will increase in the coming year, which, according to representatives of construction and real estate companies, will be reflected in inflationary clauses in contracts and energy prices.
At the end of last week, the Crestyl Group won the award for the best office project in the 22nd CIJ Awards, for the DOCK IN FIVE administrative building. It was approved in May of this year and is the last part of the now complete DOCK district, which has grown up around two blind branches of the Vltava in Prague's Libni. The CIJ Awards are the longest running awards in the field of commercial real estate in the Czech Republic and are also awarded in other countries of Central and Eastern Europe.
CBRE, a world leader in commercial real estate services, summarizes the results of an extensive comparative analysis focused on the benefits of green certifications in office leasing. On a sample of 58 million m2 of office space and 44,500 lease agreements concluded in 18 European countries, including the Czech Republic, it shows the value that green certifications such as BREEAM or LEED bring to owners of administrative properties. Based on a comparison of several key indicators, CBRE has shown that the average vacancy rate in certified buildings is almost 2% lower than in non-certified competition, while the price per square meter of leased space is, on the contrary, 5.5% higher. The comparison of individual European markets is also interesting, from which the Prague one emerges as mature. Owners of sustainable buildings here achieve very good results in the long term.
In the center of Ostrava, on Kostelní náměstí, the implementation of the first stage of the multifunctional building VÁCLAV has begun. The building will offer apartments, office space and commercial units on an area of 4,424 m2. The developer of the CZK 300 million project is the ANTRACIT group, the general contractor of the implemented stage is the Ostrava construction company HSF System.
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